MIRA
INFORM REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Name : |
STIC ON PAPERS PRIVATE LIMITED |
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Registered Office : |
Plot No. 178 C and 178 D, IDA Mallapur, Nacharam, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.08.1999 |
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Com. Reg. No.: |
01-32393 |
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Capital
Investment / Paid-up Capital : |
Rs.10.118 Millions |
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CIN No.: [Company
Identification No.] |
U21020AP1999PTC032393 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS05976F |
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PAN No.: [Permanent
Account No.] |
AAFCS1039P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Self Adhesive Label Stock, Silicon Coated Release
Liners, Tapes and Paper Converters. Importing Paper and Films. |
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No. of Employees
: |
20 (Office 8, Factory 12) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 69000 |
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Status : |
Moderate |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appear to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions with some caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 178 C and 178 D, IDA Mallapur, Nacharam, |
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Tel. No.: |
91-40-27178987 |
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Mobile No.: |
91-9849018113 (Mr. K Karan Reddy) |
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Fax No.: |
91-40-27175420 |
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E-Mail : |
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Website : |
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Regional Office : |
12-13-707, Keemti Colony, Taranaka, Secunderabad – 500 017, |
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Tel. No.: |
91-40-27151776/ 27151778 |
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Fax No.: |
91-40-27173349 |
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Area : |
40000 Sq. ft. – Constructed Area (12000 Sq. ft. Factory and 2000 Sq.
ft. Office) |
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Location : |
Owned |
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Representative Office : |
Located at |
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Branch Office : |
81, Phase 3, Sri Venkateswara Co-op Industrial Estate,
Hyderabad-500037, |
DIRECTORS
As on 23.09.2010
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Name : |
Mr. Kotha Karan Reddy |
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Designation : |
Managing Director |
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Address : |
12-13-707, Keemthi Colony, Taranaka, |
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Date of Birth/Age : |
04.04.1969 |
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Qualification : |
Engineer |
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Date of Appointment : |
30.08.1999 |
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Name : |
Mrs. Kotha Hima Shaila |
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Designation : |
Director |
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Address : |
12-13-707, Keemthi Colony, Taranaka, |
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Date of Birth/Age : |
03.12.1975 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
28.08.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
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Name of Shareholder |
No of shares |
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K Hima Shaila |
512300 |
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K Karan Reddy |
234210 |
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K Suneetha |
11200 |
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B Hima Bindu |
105500 |
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B Madhavi |
64000 |
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B Sridhar |
15000 |
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N Prasunna Kumar Reddy |
33590 |
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K Charan Kumar Reddy |
36000 |
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Total |
1011800 |
As on 23.09.2010
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Category |
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Percentage of Holding |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Self Adhesive Label Stock, Silicon Coated Release
Liners, Tapes and Paper Converters. Importing Paper and Films. |
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Products : |
Label Stock |
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Exports : |
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Products: |
Labels |
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Countries : |
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Imports : |
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Products : |
·
Release base paper and face paper ·
2 Adhesive ·
Raw Materials |
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Countries : |
·
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·
·
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
20 (Office 8, Factory 12) |
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Bankers : |
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Corporation Bank, Tarnaka Branch, Secunderabad, ·
State Bank of ·
HSBC Bank, Banjara Hills ·
Vijaya Bank ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajesh Lakshman and Associates Chartered Accountants |
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Address : |
# 5-9-191, 302, 3rd Floor, Brindavan Commercial Comp, |
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Tel. No.: |
91-40-66666450/ 40177776 |
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Mobile No.: |
91-9866666529/ 9849861047 |
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E mail: |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,100,000 |
Equity Shares |
Rs.10/- each |
Rs. 11.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,011,800 |
Equity Shares |
Rs.10/- each |
Rs. 10.118
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.118 |
10.118 |
6.800 |
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2] Share Application Money |
0.000 |
0.000 |
3.898 |
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3] Reserves & Surplus |
7.142 |
4.672 |
3.478 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.260 |
14.790 |
14.176 |
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LOAN FUNDS |
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1] Secured Loans |
19.400 |
17.964 |
20.364 |
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2] Unsecured Loans |
1.454 |
1.838 |
5.037 |
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TOTAL BORROWING |
20.854 |
19.802 |
25.401 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.114 |
34.592 |
39.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.240 |
23.110 |
25.548 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.732
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14.253 |
14.792
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Sundry Debtors |
9.283
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8.486 |
9.159
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Cash & Bank Balances |
1.020
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1.063 |
1.331
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
6.125
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4.188 |
4.538
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Total
Current Assets |
32.160
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27.990 |
29.820 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.363
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10.555 |
11.730 |
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Other Current Liabilities |
6.976
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5.256 |
2.888 |
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Provisions |
1.953
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0.705 |
1.192 |
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Total
Current Liabilities |
14.292
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16.516 |
15.810 |
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Net Current Assets |
17.868
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11.474 |
14.010 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.019 |
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TOTAL |
38.114 |
34.592 |
39.577 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
83.710 |
63.076 |
60.656 |
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Other Income |
0.295 |
0.893 |
0.127 |
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TOTAL (A) |
84.005 |
63.969 |
60.783 |
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Less |
EXPENSES |
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Material Consumed |
54.575 |
40.460 |
35.430 |
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Manufacturing Expenses |
13.080 |
11.639 |
12.802 |
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Administrative Expenses |
4.612 |
3.524 |
4.549 |
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Loss on |
0.030 |
0.000 |
0.000 |
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Directors Remuneration |
2.400 |
0.630 |
0.300 |
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Preliminary Expenses written off |
0.000 |
0.019 |
0.019 |
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Deferred Revenue Expenses Written off |
0.002 |
0.000 |
0.000 |
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TOTAL (B) |
74.699 |
56.272 |
53.100 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.306 |
7.697 |
7.683 |
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Less |
FINANCIAL
EXPENSES (D) |
2.976 |
3.355 |
3.484 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.330 |
4.342 |
4.199 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.581 |
2.990 |
2.193 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.749 |
1.352 |
2.006 |
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Less |
TAX (I) |
1.280 |
0.158 |
1.314 |
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PROFIT AFTER TAX
(G-I) (J) |
2.469 |
1.194 |
0.692 |
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Earnings Per
Share (Rs.) |
2.44 |
1.18 |
1.02 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.94 |
1.87 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.48 |
2.14 |
3.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.15 |
2.65 |
3.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
0.09 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.04 |
2.46 |
2.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.25 |
1.69 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
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For Materials |
4.845 |
9.979 |
11.089 |
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For Expenses |
0.518 |
0.576 |
0.641 |
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Total |
5.363 |
10.555 |
11.730 |
Trade References:
·
Label Manufacturing and
Company Limited
Operating Results:
The company during the financial year ended 31st
March 2010 has achieved a turnover of Rs. 83.355 Millions as against a turnover
of Rs. 62.847 Millions achieved during the previous financial year and earned a
Net Profit After Tax of Rs. 2.469 Millions as against a Net Profit of 1.194
Millions earned in the previous corresponding period. The low profit margin in spite of good turnover is on
account of high cost of raw materials,
stiff competition and also increased overheads. The company is trying its best
to reduce the cost and earn higher profit during this fiscal.
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U21020AP1999PTC032393 |
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Name of the
company |
STIC-ON PAPERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 178 C and 178 D, IDA Mallapur, Nacharam, |
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
10037829 |
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Type of charge |
· Immovable Property · Book debts · Movable Property |
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Particular of
charge holder |
State Bank of Kushaiguda Branch, E C I L Post, E-Mail: kushaiguda@sbhyd.com |
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Nature of
instrument creating charge |
I.
Agreement
of Loan-cum hypothecation Dated 20.08.2009 II.
Letter
of Arrangement Dated 20.08.2009 III.
Supplemental
Agreement of Loan-cum- hypothecation Dated 20.08.2009 IV.
Letter
of Confirmation for creation of mortgage by deposit of title deeds dated
20.08.2009 |
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Date of
instrument Creating the charge |
20.08.2009 |
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Amount secured by
the charge |
Rs. 31.100
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% above SBH
BPLR – 12.75% p.a. Terms of
Repayment The Each credit
facility is available for a period of 24
months subject to review every 12 months and is repayable on demand Margin Raw Material-
25%, Semi-finished goods – 25%, Finished Goods – 25%, Domestic Receivables –
50% and Letters of Credit – 25% Extent and
Operation of the charge The charge shall
remain until the entire loans secured are repaid |
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Short particulars
of the property charged |
Hypothecation of stocks
of raw materials, stock in process, finished goods, receivables, consumables
spares, stores and all other current assets of the company charge on Fixed
Assets created out of bank finance. Extension of
Equitable Mortgage of Industrial Land and building on plot no. 178 C and D,
IDA, Mallapur, |
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Date of
instrument modifying the charge |
08.02.2008 |
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Particulars of
the present modification |
The limits has
been modified and revised limits as under: Cash Credit – Rs.
12.000 Millions Letter of Credit
– Rs. 6.000 Millions Term Loan 1 – Rs.
10.700 Millions Term Loan 2- Rs.
2.400 Millions The overall limit
stands to Rs. 31.100 Millions. |
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Corporate
identity number of the company |
U21020AP1999PTC032393 |
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Name of the
company |
STIC-ON PAPERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 178 C and 178 D, Ida Mallapur, Nacharam, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
Charge |
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Particular of
charge holder |
State Bank of Kushaiguda Branch, E C I L Post, E-Mail: kushaiguda@sbhyd.com |
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Nature of
instrument creating charge |
Agreement for
Hypothecation of Goods / Book Debts (Security for LC and BG Facilities |
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Date of
instrument Creating the charge |
08.02.2008 |
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Amount secured by
the charge |
Rs.25.100
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of Interest ROL; 13% p.a. ·
Terms
of repayment Working Capital limits repayable on demand ·
Margin 25% on LC Limits ·
Extent
and operation of the charge First charge on and Hypothecation of stocks, Book Debts and other
current assets of the company both present and future. First charge on fixed
assets including movable and immovable properties of the company both present
and future. Equitable mortgage created by the company in favor of SBH
Kushaiguda Branch in respect of land and buildings situated at Plot# 178 C
and D, In SY # 125 part admeasuring 4848.64 Sq, YDS, IDA, Mallapur Uppal (M)
RR Dist. ·
Others (Rs. In Millions)
(Enhancement of
LC Limit) |
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Particulars of
the property charged |
First charge on
and Hypothecation of stocks, book debts and other current assets of the
company both present and future. First charge on fixed assets including movable
and immovable properties of the company both present and future. Equitable
mortgage created by the company in favor of SBH Kushaiguda Branch in respect
of Land and Buildings situated at Plot#178 C and D, In SY # 125 part
admeasuring 4848.64 Sq. Yds, IDA, Mallapur Uppal (M) RR Dist. |
|||||||||||||||
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Particulars of
the present modification |
Working Capital
Limits enhanced from Rs.23.100 millions to Rs.25.100 millions. (CC:Rs.7.000
millions + TLI and II: Rs.13.100 millions + LC:5.000 millions) 1st
Charge on current assets (stocks, book debts and other current assets) and
fixed assets (land and buildings, plant and machinery and other movable
assets) of the company both present and future. E M created by the company in
favor of SBH Kushaiguda Branch in respect of land and sheds situated at Plot#
178 C and D, in SY # 125 part admeasuring 4848.64 Sq. Yds, IDA, Mallapur,
Uppal (M) RR Dist. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
EDP Equipments
·
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is committed to develop better
products for better value.
The
company has developed and can develop customized solutions for the label and
packaging industries.
Subject operates effectively within today’s increasingly
“globalize” world of business. With sales offices and dealer network located in
major market centre, they always provide relevant solutions to our customer’s
challenges.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.